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You only need to declare income if it is received which in this case there is none. Furthermore, as the property has not been disposed of, no liability to Capital Gains Tax (CGT) arises. Politely tell the organisation who sent your wife a letter to take a running jump.
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Remember that it is now HMRC policy to badger the small man in the hope that he or she will roll over and pay up, don't. HMRC have given up on the big boys with their armies of accountants and lawyers as they loose most actions the bring.